Zarak,
You pretty much have it.
They pump a fixed level of power into the speakers (say 1W) and measure the average dB at a fixed distance in a fixed range of frequencies.
The spectrum sweep shows how the speaker reacts (more or less dB) at exact frequencies. The graphs are useful for the speaker designer to corroborate listening tests and consumer preferences with the response of a speaker.
For example, several ppl have mentioned how the M80s have more bass say than the M60s or the M22s (quite obvious). Looking at the 2 graphs shows how the M80s maintain a higher dB on average at lower frequencies. The extra little oomph in the upper bass from the M80s may also be due to that hump around 200Hz.



"Those who preach the myths of audio are ignorant of truth."